Yara, the global fertiliser manufacturer, has revealed a jump in operating income for the first quarter of 2022 to $1,039m (€980.2m), compared with $322m (€303.8m) in the same period last year.
EBITDA (earnings before interest, taxes, depreciation and amortisation) excluding special items was $1,346m (€1,269.8m) compared to $585m (€551.9m) in the same period in 2021. Revenue increased to $5,912m (€5,557.4m), up from $3,142m (€2,964.2m) as global fertiliser values increased.
The company reports that it has stopped suppliers linked to sanctioned Russian companies, and as a result of high gas prices, Yara restricted production at several of its European ammonia and urea facilities in March. But these have resumed production as the margin situation improved. Total fertiliser deliveries were down for the first quarter of 2022, at 6,102kt compared with 6,854kt in the same period last year. Supplies to Europe were 2,232kt compared with 2,922kt, while volumes to Brazil dropped to 1,483kt compared with 2,245kt last year.